United States loses AAA credit rating from S&P

NEW YORK - The United States lost itstop-notch AAA credit rating from Standard & Poor's on Friday,in a dramatic reversal of fortune for the world's largesteconomy.

S&P cut the long-term US credit rating by one notch toAA-plus on concerns about growing budget deficits.

US Treasuries, once undisputedly seen as the safestinvestment in the world, are now rated lower than bonds issuedby countries such as the UK, Germany, France or Canada.

The outlook on the new US credit rating is negative, S&Psaid in a statement, a sign that another downgrade is possiblein the next 12 to 18 months.